Challenger Energy completes award process for AREA OFF-3 license in Uruguay

Challenger Energy has completed the formal award process for its AREA OFF-3 license offshore Uruguay, first awarded last June under the Open Uruguay Round process.

Sign-off followed confirmation of final regulatory approvals. The first exploration period will run for four years from June 7, 2024, through June 6, 2028.

AREA OFF-3 covers 13,252 sq km in water depths from 20 m to 1,000 m, about 100 km from the Uruguayan coast. It has existing 2D and 3D seismic coverage, with two previously identified prospects potentially holding up to ~2 Bbbl of oil and up to ~9 Tcf of gas, according to Challenger.

Challenger Energy Group plc (LON:CEG) is a Caribbean and Atlantic margin focused oil and gas company, with a range of petroleum assets located onshore in Trinidad and Tobago, and Suriname, and offshore in the waters of The Bahamas and Uruguay.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Challenger Energy

More articles like this

Challenger Energy

Oil prices rise on Israel-Hamas ceasefire hopes

Oil prices edged higher on Tuesday, after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza, and on Mexico’s plan to remove more crude from the global market. Brent crude

Challenger Energy

Uruguay poised to probe for offshore oil

The discovery of offshore oil has changed the fortunes of many countries, with Guyana the most recent example: the South American nation is the economy with the highest growth rate in the world thanks to the

Challenger Energy

Oil prices rise as tight supply back in focus

Oil prices rose on Monday as investors focused on a tighter supply outlook after Moscow issued a temporary ban on fuel exports while remaining wary of further rate hikes that could dampen demand. Brent crude futures

Challenger Energy

Oil climbs on supply concerns

Oil prices rose for a third straight session on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and by optimism about a recovery in

Challenger Energy

Oil jumps 2% to near 10-month high

Oil prices jumped about 2% to a near 10-month high on Tuesday on a tighter supply outlook and OPEC optimism over the resilience of energy demand in major economies. Brent futures rose $1.42 or 1.6%, to